VeChain have made a very significant announcement this week, in a partnership with PwC Hong Kong and PwC Singapore which will see one of the worlds biggest professional services firms dip into blockchain technology.
If you missed it, you can see our full coverage of this story, here- https://cryptodaily.co.uk/2018/05/pwc-partnership-huge-vechain-hong-kong-singapore/
This partnership puts PwC way ahead of their rivals EY, Deloitte et al. and promises to boost blockchain integration within the professional services industry. As this is very fresh news, we honestly didn’t expect to see any further announcements any time soon, however, PwC Hong Kong have already published a press release, discussing some of the further implications of this partnership.
Basically, it looks like PwC have had ideas in motion for a long time, VeChain have then allowed PwC to catalyse these.
You can see the full press release, for yourself, here- https://www.pwchk.com/en/press-room/press-releases/pr-090518.html#utm_source=twitter&utm_medium=20180510
According to PwC Hong Kong:
“PwC and VeChain today jointly unveiled the 2018 Market Survey Report for (Non-financial) Application of Blockchain in China. Survey findings highlight logistics, government and medical industries as areas that stand to benefit most from adapting blockchain technology. Further, while industry-specific concerns exist, there is common agreement among respondents that the most pressing challenge now is the formation of standardised policy structuring continued development of the technology.”
Essentially, PwC and VeChain have carried out extensive research into the futures of blockchain technology for professional services, they highlight that logistics and transport, government and medical industries could best benefit from this sort of technology, with 85.7% of participants referring to ‘tamper resistance’ as one of the key features of blockchain technology, something that the aforementioned fields could very much benefit from.
Interestingly, according to PwC:
“In terms of industry, traditional industries are more optimistic about the potential of blockchain than new technology industries, according to the report. Respondents from retail, education and science formed the highest percentage of participants who recorded seeing a “significant impact” from and remaining optimistic about blockchain. These were followed by the manufacturing industry, service industry, IT or high-tech industry and media.”
It is clear here, that PwC really do wish to explore the potential of blockchain technology and do believe that this is something their clients can indeed benefit from. With such a huge client base, by experimenting in this way, PwC can provide a number of institutions with blockchain based solutions to issues they probably don’t even know they have yet, therefore, the PwC x VeChain partnership may very well prove to bring huge benefits to the blockchain industry, and to those in the pursuit of blockchain, mainstream adoption.
I would recommend reading the full press release by PwC, it provides great insight into the work carried out by PwC and VeChain here and outlines a very optimistic future for the pair.